Let’s face it, inventory management is complex. Tracking all costs from procurement to distribution is not a small task. It’s okay to start small with an Excel spreadsheet to track inventory, but as your inventory management needs grow and change, it’s important to assess whether it’s time to abandon the spreadsheets and adopt a more […]
In business, procurement refers to the process of sourcing and obtaining goods or services. Direct procurement refers to the sourcing of goods and services that are critical to a business. Indirect procurement refers to the sourcing of goods and services that are important but aren’t critical. It’s no secret that global supply chains have experienced […]
Quick Answer: Manufacturing lead time is the time it takes to manufacture a product and then deliver it to a customer. In a nutshell, it reflects how long the customer needs to wait to receive what they ordered. We all know the excitement of waiting for a package to arrive — and the confusion and […]
![What is a Good Inventory Turnover Ratio? [Formula]](jpg/what-is-good-inventory-turnover-hero.jpg)
Quick Answer: A good inventory turnover ratio is typically between 4 and 8 for most industries. While the optimal ratio may vary depending on your industry, this range generally indicates a good balance between stock replenishment and sales numbers. No matter the size of your business, you’re sure to have some items that fly off […]
A lot of hype happens when ‘budget season’ comes around for a business, with images of late nights and spreadsheets and stress levels boiling over. For accountants, it’s just another normal financial budgeting task with monthly updates including actual results and changes to the forecast. How budgeting works Businesses generally set a budget for […]
The last few years have been a rollercoaster for businesses, from the sudden and dramatic shift to online selling through the global pandemic, to the recently reported slowdown in online sales. Based on research presented by Benedict Evans in February 2023, this shift isn’t actually a downturn, it’s a return to the eCommerce trendline. While […]
The COVID-19 pandemic presented challenges to most businesses, especially small businesses. It was tough to manage inventory distributions in brick-and-mortar locations amid lockdowns and increased demand for online purchases. Then came the supply chain shortages and other issues. But some small businesses succeeded despite those challenges. How did they do it? What lessons can other […]
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Reasons automated order management systems are better than manual order managementOrder management is the process that takes place in a company to get purchases to the customers who have bought them. That process starts the moment items and goods are paid for online; covers their collection from the storage facility along with packing and shipping; […]
Inventory is the backbone of retail and manufacturing companies, and managing it as it moves through the supply chain is a crucial task for businesses. From ordering to storing to using inventory in manufacturing processes or shipping it out to customers, there has to be oversight to ensure there’s always enough stock to meet demand. […]
The global supply chain is growing at a tremendous rate, putting pressure on wholesalers and retailers to get more mileage out of their warehouses. These giant storerooms must hold more inventory, and stock has to be processed faster. A good way of achieving this is by adopting a lean method of warehouse management. What […]
What goes on behind the scenes to get goods to a customer after clicking the “buy” button is a lot more complicated than most realize. While the process for getting an online order to a shopper breaks down to collecting, packing, and shipping the goods off when you consider the vast number of orders that […]
The U.S. Census Bureau News reported that the retail ecommerce sales for the first quarter of 2022 crossed $250 billion, an increase of 2.4% from the fourth quarter of 2021. It represented 14.3% of the total retail sales. The B2B2C model is the latest addition to the ecommerce scene. Let’s learn some more about the […]
In today’s fast-paced world, convenience is everything. Consumers want to shop when and where it’s best for them, and retailers are looking for ways to meet those demands. One method retailers use to give their customers what they want is “Buy Online, Pick Up In Store” (BOPIS). This strategy, which is gaining in popularity, is […]
